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It is registered

in the Ministry of Justice

Ukraine

On October 19, 1999 No. 712/4005

ORDER OF STATE TAX ADMINISTRATION OF UKRAINE

of October 4, 1999 No. 542

About approval of the Procedure for application of penalties for violation of the foreign exchange legislation

(as amended on 13-01-2003)

For the purpose of execution of the Presidential decree of Ukraine of June 27, 1999 N 734/99 "About settlement of procedure for receipt by residents of the credits, foreign currency loans from nonresidents and application of penalties for violation of the foreign exchange legislation" PRIKAZYVAYU:

1. Approve the Procedure for application of penalties for violation of the foreign exchange legislation it (is applied).

2. To the chief of Head department of currency exchange control Kabangcu O. I. give the specified Procedure to the Ministry of Justice of Ukraine for state registration.

3. To the head of department to provide with Kovalenko V. V. cases after state registration of this Procedure its replication and posylaniye to bodies of the State Tax Service of all levels.

4. To heads of State Tax Administrations in the Autonomous Republic of Crimea, areas, the cities of Kiev and Sevastopol, the state tax authorities in areas, the cities (except the cities of Kiev and Sevastopol), areas in the cities to organize in-depth examination of noted Procedure with employees of bodies of the State Tax Service and to provide strict observance of requirements of the current legislation in case of application and collection of penalties.

5. To impose control of execution of this order on the vice-chairman Kopylov V. A.

 

Chairman M. Ya. Azarov

Approved by the Order of State Tax Administration of Ukraine on October 4, 1999, No. 542

Procedure for application of penalties for violation of the foreign exchange legislation

This Procedure is developed according to Article 5 of the Presidential decree of Ukraine of June 27, 1999 N 734/99 "About settlement of procedure for receipt of the credits by residents, foreign currency loans from nonresidents and application of penalties for violation of the foreign exchange legislation".

1. Responsibility of residents for violation of requirements of Article 2 of the Presidential decree of Ukraine of June 27, 1999 N 734/99 "About settlement of procedure for receipt by residents of the credits, foreign currency loans from nonresidents and application of penalties for violation of the foreign exchange legislation"

1.1. In case of obtaining by the resident without receipt of the registration certificate of the credit or foreign currency loan from the nonresident to such resident according to Article 2 of the specified Presidential decree of Ukraine penalties in the amount equivalent to one percent of the size of the obtained credit or the loan listed in national currency of Ukraine on the official exchange rate of the National Bank of Ukraine on the date of receipt of the credit or the loan are applied.

Attraction by the resident of the foreign credit obtained under guarantee of the Cabinet of Ministers of Ukraine does not need receipt of the registration certificate.

1.2. The resident which obtained the credit or the loan without receipt of the registration certificate shall perform registration of the agreement and report in body of the State Tax Service.

1.3. In case of not message within 60 days from the moment of violation establishment (date creation of the inspection statement) about such registration the body of the State Tax Service performs in accordance with the established procedure provision of materials for application of special sanctions according to article 37 of the Law of Ukraine "About foreign economic activity".

1.4. In case of receipt by the resident of the credit or foreign currency loan in the amount which exceeds the amount noted in the registration certificate the amount of excess is considered credit amount or the loan obtained without registration of the agreement.

2. Responsibility of residents for violation of requirements of Item 2 of article 16 of the Decree of the Cabinet of Ministers of Ukraine of February 19, 1993 N15 "About System of Currency Control and Currency Exchange Control"

2.1. Implementation by residents and nonresidents of transactions with currency values which need receipt of the license of the NBU according to item 4 of article 5 of the Decree of the Cabinet of Ministers of Ukraine of February 19, 1993 N 15 "About system of currency control and currency exchange control" without receipt of the individual license of the NBU involves imposing of penalty in the amount equivalent to the amount of noted currency values listed in currency of Ukraine on the exchange rate of the NBU on the date of implementation of such transactions.

2.2. Implementation of calculations between residents and nonresidents within business volume without participation of authorized bank or implementation of calculations between residents and nonresidents within business volume in currency of Ukraine without receipt of the individual license of the NBU involves penalty nalaganiye on the resident in the amount of, equivalent to the amount of currency values which were used when calculating, Ukraine converted into currency on the exchange rate of the NBU on the date of implementation of such transactions (in case of payments in currency of Ukraine - on the amount of such calculations).

If nonresidents have in the territory of Ukraine representations for which accounts like "N" or type "P" in currency of Ukraine are opened, then implementation of payments in currency of Ukraine through these accounts between residents and nonresidents within business volume does not need the individual license of the NBU. Use of foreign currency in the specified calculations with the assistance of such representations is use of foreign currency as instruments of payment in the territory of Ukraine and needs the individual license of the NBU.

2.3. Failure to carry out by residents of requirements concerning procedure and terms of declaring of currency values and other property involves penalty in the sum which is determined by the National Bank of Ukraine.

Violation of procedure for declaring is provision of unreliable information or twisting of data which are displayed in the corresponding declaration if such actions demonstrate concealment by the residents of currency values and property staying outside Ukraine.

Failure to provide or untimely provision by residents of Ukraine the declaration (in the absence of currency values and property outside Ukraine) does not involve application of penalties.

2.4. Untimely provision, concealment or the translation of the reporting on currency transactions established by the National Bank of Ukraine involves penalty nalaganiye in the amount of 20 tax-free minima of the income of citizens.

3. Procedure for application by bodies of the State Tax Service of penalties

3.1. Penalties are applied in each found violation case.

Bodies of the State Tax Service apply the penalties determined in this Procedure against residents and nonresidents except for of banks and other financial credit institutes.

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